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Budgeting
| Term | Definition |
|---|---|
| Variable Expenses | Expense that vary from month to month |
| Fixed Expenses | Expenses that remain the same from month to month |
| Intermittent Expenses | Expenses that occur at various times throughout the year and tend to be in large lump sums |
| Discretionary Expenses | Expenses for things we don't need |
| Variable Expense | groceries |
| Fixed Expense | rent |
| Intermittent Expense | car repairs |
| Discretionary Expense | eating out |
| Budget | A written cash flow plan |
| Cash flow statement | A summary that shows total income and spending for a given time period |
| Carbon Check | A cop of each check you write |
| Envelope System | Series of envelopes that are divided into categories and are used to store cash for planned monthly expenses |
| Impulse Purchase | An item that is bought without previous planning or consideration of the long-term effects |
| Overdraft | Occurs when money is withdrawn from a bank account and the available balance goes below zero |
| Reconcile | To match your bank statement with your checkbook |
| Zero-based budget | A cash flow plan that assigns an expense to every dollar of your income, wherein the total income minus the total expense equals zero |
| Check register | Your own record of transactions, most current balance |
| Debit card | Can be used for both in store and online purchases |
Created by:
jeichholz